Finance Minister Nirmala Sitharaman has stated that the mindsets of millennial were adversely affecting the automobile industry as they prefer to use radio taxi services instead of buying own vehicle.
“The automobile and components industry has been affected by BS6 and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile,” said Sitharaman while addressing reporters.
Earlier today, Sitharaman had stated that the government led by Prime Minister Narendra Modi has taken landmark steps in its second term for India to emerge as a five trillion-dollar economy in the next five years amid a domestic and global slowdown.
On skidding sales and job losses in the automobile sector, the minister said that the government departments have been allowed to buy new vehicles.
Automobiles purchased till 31 March next year can avail the benefit of additional depreciation of 15 per cent with total depreciation up to 30 per cent.